Victorian Numbered Acts

STATE TAXATION ACTS FURTHER AMENDMENT ACT 2008 (NO. 84 OF 2008) - SECT 15

After section 13 of the First Home Owner Grant Act 2000 insert —

        " 13A     Special eligible transactions

    (1)     An eligible transaction is also a special eligible transaction if it is—

        (a)     a contract for the purchase of a home in the State (other than a contract for an off-the-plan purchase of a new home) entered into on or after 14 October 2008 and on or before 30 June 2009;

        (b)     a contract for the purchase of a new residential premises in the State entered into on or after 14 October 2008 and on or before 30 June 2009;

        (c)     a comprehensive home building contract for a home in the State entered into on or after 14 October 2008 and on or before 30 June 2009 in respect of which—

              (i)     the construction work commences within 26 weeks from the date that the contract is entered into or a longer period that the Commissioner considers appropriate in the circumstances of the case; and

              (ii)     the building work is completed within 18 months of the date of commencement of construction work or a longer period that the Commissioner considers appropriate in the circumstances of the case;

        (d)     for the building of a home in the State by an owner builder and the building work—

              (i)     is commenced on or after 14 October 2008 and on or before 30 June 2009; and

              (ii)     is completed within 18 months of the commencement of the eligible transaction or a longer period that the Commissioner considers appropriate in the circumstances of the case;

        (e)     a contract for an off-the-plan purchase of a home in the State and—

              (i)     the contract is entered into on or after 14 October 2008 and on or before 30 June 2009; and

              (ii)     the construction work is completed by 31 December 2010 or a later date that the Commissioner considers appropriate in the circumstances of the case.

    (2)     However, a contract is not a special eligible transaction if the Commissioner determines that the contract replaces a previous contract entered into before 14 October 2008 that was—

        (a)     a contract for the purchase of the same home; or

        (b)     a comprehensive home building contract to build the same or a substantially similar home.

    (3)     In this section—

"new residential premises" has the same meaning as in section 40- 75 of the A New Tax System (Goods and Services Tax) Act 1999 of the Commonwealth.".